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Friday, March 29, 2024

RFM posted P863-m net profit in 2014

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RFM Corp., the food and beverage company owned by the Concepcion family, said net income in 2014 grew 10 percent to P863 million on the back of higher revenues from branded food products.

RFM said in a statement sales in 2014 rose eight percent from P10.3  billion in 2013. The 2014 net income and revenues, however, were below the company’s targets.

RMF earlier projected a 2014 net income of P950 million, or 20 percent higher than a year ago, and sales revenue of P12 billion, up 18 percent from 2013.

RFM president and chief executive Jose Concepcion III said the sales and income performance would have been better if not for the Manila port congestion, which  delayed deliveries and raised the cost of raw materials and products.

Operational costs also temporarily increased due to additional warehouses and higher trucking rates brought about by a shortage in providers.

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Concepcion, however, said the growth of the Fiesta and Royal pasta operations accelerated, especially in the last two months of the year, as logistics issues improved in time for the Christmas holidays, partially offsetting the impact of an unusual weather disturbance in December.

Almost all brands exhibited faster growth, especially Selecta ice cream, Fiesta  and the new brand Royal pasta, White King flour mixes, Selecta milk and the  institutional bread businesses.

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